what about taking some pressure off us? we have a massive debt burden, we really need some compensation here, as well. but it's worth taking a step back even from that and saying the germans and other surface running countries in europe always did have the opportunity to bail out the deficit countries, but almost the obligation. that's what happens if you create a united states of europe. just like alabama was bailed out by new york state or whatever it is. >> i think you were struggling to find a strong state there for a second. >> was a little bit. so the actual transfers aren't necessarily the problem. the problems are two fold. the first as you alluded to is the internal competitiveness of particularly the peripheral countries. when they joined the euro, they took advantage of the low borrowing costs to borrow and spend up a storm, public sector wages went up. and they become dramatically uncompetitive. and the easy way is to leave the euro. the painful way is to stay. so the other thing to bear in mind is the banks. ba